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PSC ACCOUNTING

COURSE DESCRIPTION

The most important event in the operations of an oil and gas company is the discovery of reserves. Consequently, estimated reserves quantities are relied upon heavily in oil and gas accounting. For example, reserve quantities are used in computing depreciation, depletion, and amortization (DD&A) using the units-of-production method and for purposes of complying with disclosure requirements.

A deep understanding of expenditure that will be recoverable through cost recovery mechanism is a mandatory to avoid unnecessary losses in upstream operations. This course will explain the elements of costs that classified as recoverable costs, how to calculate and allocate amongst the products. Depreciation methods, capital and non-capital expenditures, tangible and intangible cost are example of items that will be elaborated in this course. The discussion will also cover First Tranche Petroleum (FTP), Before-tax contractor share, Cost Recovery, Profit Oil, Income Tax, Net Cash Flow, State Take, Domestic Market Obligation (DMO).

COURSE OBJECTIVES

After attending this course, the participants are expected to be able to:

Understand the concept and practical knowledge of the Cost Recovery and Equity Split Mechanism between State and Oil and Gas Companies, or Economics of Production Sharing Contract.

Understand the process of calculation and allocation of operating costs.

Understand how to calculate the share of production and how the incremental costs will affect the net contractor share.

Understand the Basic Philosophy of the Integrated Financial Aspect

Understand of the Fiscal Aspect of Oil & Gas Law Foundation, Fiscal Aspect of Oil & Gas Law Foundation, Fundamentals of Exploration Agreement, Taxation and its Implications on the Field Development Economic Calculation

DISCUSSION AREAS

Investment Consideration of Petroleum Operation

Principals in Oil & Gas Exploration Agreement

Financial Aspect of Oil & Gas Law Foundation and Land Acquisition Process in Indonesia

Oil Mining Taxation

Production Sharing Contract

Financial Economic Case

COURSE OUTLINE

Petroleum Operation Investment Consideration

Economic Consideration of Exploration Aspect

Field Development

Field Operation

Selling Price Issue

Income Sharing Issue

Principals in Oil & Natural Gas Exploration Agreement

Land Acquisition

Control Mechanism of Host Country Operation

Mineral Right Ownership

Financial Aspect of Oil & Gas Law Foundation and Land Acquisition Process in Indonesia

Mr. Kuswo graduated form S2 Management program , Economy Faculty, UGM and He is an expert staff Pertamina Upstream Directorate which is still active today. In addition, he has held several strategic positions including as Chairman of IATMI since 2006 – 2008 and the Technical Program Co-chairman of the Society of Petroleum engineeers 2000 s / d 2001, Chairman of the cooperative Bina Mandiri PB Petro Oil since 2005 and JOB Pertamina Talisman.

Susi Widjajani, SE, MSi & Team

Mrs. Susi graduated form S2 Management program , Economy Faculty, UGM. Mrs. Susi is a lecturer and an instructor training in oil and gas company. She know well in matery economic, financial and accountancy program, Industrial Psicology, Managerial Economy, Micro Economy, International Economy, accountancy cost & management, PSC and etc. Mrs. Susi is a writer journal since 2004 and always following a seminar or training about economic oil and gas, workshop Plan of Development (POD), Contract and Legal Aspect in Oil and Gas Industry, consep kos, Job Costing, dan Process Costing and etc.